View more on these topics

Thinc throws lifeline to Network 300 members

Network 300 has been placed into administration, with multi-distribution platform Thinc acquiring the business for an undisclosed sum.

Network 300 members attended a stormy meeting at London Heathrow&#39s Marriott Hotel this week, where they were offered a lifeline deal from Thinc.

Thinc told advisers it would pay 30 per cent on pipeline business on top of anything paid by the administrators – speculatively quoted at 40 per cent – leaving intermediaries 30 per cent short.

Thinc also offered 24-hour turnround on registration and 15 per cent charges on all business transacted up to January 15.

Administrator BDO Stoy Hayward says the business – which has 278 RIs and 90 firms across the UK – did not hold sufficient capital and was not making a profit.

Network 300 parent Group 300 chief executive Chris Batten says the FSA forced it into administration because it would not allow the business to declare £1.2m spent on technologies as an intangible asset, hitting its solvency.

Thinc says it is negotiating with two more organisations with a view to signing deals by January 15.

Member Specialist Solutions director Ian Jones says: “This was something we thought we would encounter. Press releases from Group 300 suggested it was looking for resources. It is bad administration on our part not to have got out sooner.”

Thinc chief operating officer Simon Chamberlain says: “Most networks are scarred by administration issues historically. We will see a lot of IFA networks begin to fragment in the coming months.”


Fidelity focuses on China

Fidelity Investments has established a Luxemburg-domiciled Sicav that invests mainly in companies based in mainland China and Hong Kong or those deriving most of their income from this region. Unlike greater China funds which invest in the surrounding areas such as Taiwan, this fund is 90 per cent invested in China itself. In keeping with […]

FSA &#39could ban people behind phoenix firms&#39

Phoenix firms could find that the individuals responsible for dumping liabilities on the Financial Services Compensation Scheme are banned from the industry. Aifa director general Paul Smee warns that the FSA will be looking closely at whether those individuals responsible for instigating a phoenix are fit and proper, and whether they should be allowed to […]

&#39Advisers in the dark on tax credits&#39

Advisers do not understand the current pension tax credits system, says Pension Commission chairman Adair Turner. Publishing his report into UK pensions, Turner said IFAs are as in the dark as consumers about tax credits which has led to a false belief that the highest earners are the best incentivised to save. Turner says: “When […]

A different class from Close

CLOSE FINSBURY ASSET MANAGEMENT MultiAsset Portfolio Type: Oeic multi-manager fund of funds Aim: Growth by investing in equity funds, bond funds and alternative investments including commercial property and hedge funds Minimum investment: Lump sum £25,000 Investment split: 36% UK equities, 12% fixed interest, 10% US, 10% commercial property, 8% structured investments, 8% hedge funds, 6% […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm